fan. 1  Historical a device for winnowing grain. 2  any device or machine used to set up a current of air for ventilating or cooling; specif., any flat surface moved by hand. a folding device made of paper, cloth, etc. which when opened has the shape of a sector of a circle. 3  anything in the shape of a fan (noun), as the tail of a bird.
In addition, interest on home equity debt can also be deductible. Home equity debt essentially includes any other loan that is secured by your main home or second home. A lower borrowing limit of $100,000 for most taxpayers or half that for married taxpayers filing separately applies to home equity debt. What counts as mortgage interest? The portion of your monthly payment that goes to interest clearly counts as deductible mortgage interest for these purposes.
Advertisement There are several tradeoffs among these options. Interest Tax Deduction. Home equity loans and lines of credit are tax deductible, if the taxpayer itemizes deductions on Schedule A of the 1040.This includes the interest on up to $100,000 of a HELOC used to pay for items other than improvement of the home, such as paying for college.dvertisement There are several tradeoffs among these options. Interest Tax Deduction. Home equity loans and lines of credit are tax deductible, if the taxpayer itemizes deductions on Schedule A of the 1040.